Page 5 - Gift City

RBI's decision on LRS enhances attractiveness of GIFT IFSC, says city MD

The Reserve Bank has significantly enhanced the attractiveness and utility of GIFT IFSC by clarifying the use of LRS for investments and enabling transactions like insurance and education loan payments in foreign currency, said GIFT City MD and group CEO Tapan Ray on Thursday. GIFT city (Gujarat International Finance Tec-City) located in Gandhinagar has been envisaged as an integrated hub for financial and technology services not just for India but for the world. India's maiden International Financial Services Centre (IFSC) has been set up in GIFT City. The Reserve Bank of India (RBI) on Wednesday issued a circular expanding the scope of norms related to remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS). RBI said it has been decided that "authorised persons" may facilitate remittances for all permissible purposes under LRS to IFSCs for availing financial services or financial products as per the International Financial ...

Foreign currency account usage widens at GIFT City, boosts biz prospects

Latest changes, announced by RBI in a circular late allow Indian investors to use GIFT City as a route for more overseas spending and investments

Eton Solutions launches ERP platform for family office wealth mgmt in India

Onboards the Infosys family office - Catamaran as its first customer in India

Sebi permits up to 100% NRI contribution for FPIs based out of GIFT IFSC

Markets regulator Sebi has allowed up to 100 per cent aggregate contribution by non-resident Indians, Overseas Citizens of India, Resident Indians in the corpus of FPIs that are based out of International Financial Services Centre (IFSC). The move is expected to enhance investment by Foreign Portfolio Investors (FPIs) in India. In a circular issued on Thursday, Sebi said it has amended FPI rules to "provide flexibility of having up to 100 per cent aggregate contribution by non-resident Indians (NRIs), Overseas Citizens of India (OCIs) and Resident Indians (RI) Individuals in the corpus of FPIs based in IFSCs in India and regulated by International Financial Services Centres Authority (IFSCA)". Over the years, there has been a consistent demand to channel more NRI and OCI investments into the Indian securities markets by enabling greater participation of NRIs and OCIs in FPI corpuses. In the July 2019 budget speech, Finance Minister Nirmala Sitharaman had also recognized that despit

Gujarat's new financial hub aims for real-time dollar settlement by 2025

The service which will cut down on times and delays, and it would be available for financial firms in Gujarat International Finance Tec-City

SCI share price up 4% after in-principle nod for GIFT City subsidiary

The surge in stock price came after Shipping Corporation of India said that it has been granted in-principle approval to form a wholly-owned subsidiary at GIFT City

State Bank of India to scale up global operations through GIFT City

Diversify in trade finance through supply chain funding to MNCs

Stock exchange BSE calls off merger of Gift City unit with rival NSE

Talks fall through over disagreements over the swap ratio

Leading refiner, that brings in up to 20% gold, starts trading on India INX

BSE's arm India International Exchange (India INX) on Wednesday said India's leading gold refiner, which brings in up to 20 per cent of the country's gold, has started trading gold futures on its platform. This suggests that India INX, set up at GIFT City (Gujarat International Finance Tec-City), is becoming the main place for Indian jewellers and gold importers to hedge against the risk in gold prices. "Today, one of India's top gold refineries, which brings in 15 per cent to 20 per cent of the country's gold, has started trading gold futures to hedge against gold price volatility," India INX said in a statement. However, the bourse did not disclose the name of the refiner. In December 2022, the Reserve Bank of India (RBI) allowed Indian companies (except individuals) to manage their gold price risk on recognised exchanges within the International Financial Services Centre (IFSC). The move provided more options for Indian companies to hedge against volatility in gold prices throug

FPSB India, IFSCA sign pact to promote GIFT IFSC as 'global finance hub'

Financial Planning Standards Board India on Monday announced that it has signed a pact with the International Financial Services Centres Authority (IFSCA), GIFT City, Gandhinagar, to promote GIFT IFSC as a 'Global Finance Hub'. FPSB India and IFSCA aim to enhance the financial market ecosystem and nurture skilled professionals for GIFT City's expanding financial workforce, the company said in a statement. Both organisations will jointly organise international and domestic events to raise awareness and establish GIFT IFSC as a 'Global Finance Hub', the statement added. Some key highlights of the Memorandum of Understanding (MoU) include talent pipeline support, ecosystem development, promotional activities and research collaboration. FPSB India is the leading financial planning body in India and is dedicated to establishing, upholding, and promoting professional standards in financial planning across the country.

REC receives RBI approval to set up subsidiary in Gujarat's GIFT City

State-owned REC Ltd on Sunday said it has received RBI's approval to set up a subsidiary in GIFT City, Gujarat. The proposed subsidiary will engage in a range of financial activities as a finance company within GIFT, including lending, investment, and other financial services, a company statement said. According to the statement, REC Ltd, under the Ministry of Power and a leading NBFC, has received a No Objection Certificate' (NOC) from the Reserve Bank of India (RBI) for setting up a subsidiary in Gujarat International Finance Tech-City (GIFT) in Gandhinagar, Gujarat. The decision to expand operations into GIFT, a burgeoning hub for financial services in India, comes as REC continues to diversify its portfolio and explore new avenues for growth, it stated. Vivek Kumar Dewangan, CMD, REC Ltd said in the statement, The GIFT City platform offers a conducive environment for international lending activities coupled with world-class infrastructure. We are confident that REC will harness

FPIs domiciled at GIFT City allowed to issue P-notes to investors

Move could boost issuance and drive flows into domestic markets, say experts

GIFT Nifty logged $82 bn turnover in April; SK Finance files draft papers

Vehicle finance and business loans-focused non-bank lender SK Finance has filed preliminary papers with Sebi to garner Rs 2,200 crore through an initial share sale

Sebi allows NRIs to own up to 100% in global funds at the GIFT City

Allows higher exposure to passive funds in group companies; increases NRI/OCI exposure to 100% if route via Gift City

NSE IX gets SEC class relief; permits US clients to trade on equity index

NSE International Exchange (NSE IX) has received US Securities Exchange Commission (SEC) class relief, allowing US clients to participate in trading Equity Index Option Contracts on the bourse, according to a statement. The class relief allows NSE IX members to get acquainted with equity indices at NSE IX through activities with approved broker-dealers and financial institutions in the US. Also, this class relief permits eligible broker-dealers and large financial institutions based in the US to trade on these index derivatives options contracts through NSE IX members, subject to compliance with the applicable laws, the bourse said in the statement on Friday. NSE IX is an International multi-assets exchange set up at GIFT City in June 2017 and recognised by the International Financial Services Centre Authority (IFSCA). Earlier in November 2020, it became the first International Exchange in Gift City to get an exemption under part 30 by the Commodity Futures Trading Commission ...

Govt unlikely to privatise GIC Re at this stage: CMD Ramaswamy Narayanan

Narayanan says the company's business from Gift City will substantially increase in the coming days

HDFC Credila raises $100 million via ECB to diversify funding resources

HDFC Credila, an erstwhile subsidiary of HDFC Limited (now HDFC Bank), focuses on the education loans business

Axis Bank introduces digital opening of US dollar FDs for NRIs at GIFT City

Axis Bank on Tuesday announced the introduction of digital US dollar fixed deposit (FD) for NRI customers at the IFSC Banking Unit (IBU) at GIFT City, Gujarat. With this introduction, Axis Bank becomes the first bank to offer a digital journey for GIFT City Deposits, the bank said in a statement. NRI customers of the bank can now open US dollar fixed deposits at GIFT City through 'Open by Axis Bank'; the mobile banking application of the lender, it said. This offering simplifies the process of booking US dollar Fixed Deposit for NRI customers, by providing them an end-to-end digital paperless solution and eliminating the need for physical documentation, it said. Besides seamlessly opening an FD account anytime from anywhere, customers can also track and manage their FD digitally, it said. With attractive interest rates, Axis Bank provides NRIs with one of the best investment opportunities, it said. The US Dollar fixed deposit also offers a wide range of investment tenures from se

FPI count at GIFT City doubles in last four months, shows NSDL data

Many fund managers are increasingly looking to redomicile their base to India's maiden International Financial Services Centre (IFSC), say legal experts

Fund of Funds commits Rs 9,500 crore for startups, says Sidbi chairman

SIDBI chairman S Ramann on Friday said that the Fund of Funds for Start-ups (FFS) has committed Rs 9,500 crore for the promotion of new ventures in the country. The FFS was unveiled by the Prime Minister on January 16, 2016, in line with the Start-up India Action Plan. It has approved a corpus of Rs 10,000 crore for contribution to various Alternative Investment Funds (AIFs) registered with SEBI. Introduced with a focused objective of supporting development and growth of innovation-driven enterprises, FFS facilitates funding needs for start-ups through participation in the capital of SEBI-registered Alternative Investment Funds. The commitment of Rs 9500 crore has led to over 100 AIFs raising Rs 56,000 crore more, he said at TiEcon Delhi 2024 conference here. "It's really a staggering figure. The ability of all of you (AIFs) to go out and bring in that kind of money from your foreign Limited Partners (LPs) convince the Indians to become LPs," he said. Observing that AIFs space is